Dollarization: Some theoretical preliminary thoughts
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Published:
Dec 21, 2019
Keywords:
Dolarización, teoría monetaria, historia del pensamiento económico, preferencia por la liquidez en efectivo, eutanasia del rentista
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Abstract
En este artículo se argumenta que la dolarización introduce una asimetría fundamental en la forma cómo la política macroeconómica puede —o no puede— ser conducida. Cuando las cosas van bien, es perfectamente posible enfriar la economía y conducir una política keynesiana contracíclica estándar. Sin embargo, cuando las cosas van mal, una política expansionista contracíclica no puede ser ejecutada, lo cual complica la probabilidad de ser capaz de acomodar la demanda creciente de billetes y evitar un caos financiero. Todo esto posee profundas consecuencias distributivas y, en particular, favorece a la clase rentista —capitalistas financieros—, haciendo imposible —o extremadamente difícil— acercarse a la eutanasia keynesiana del rentista en favor de un proceso más sostenido de progreso económico y social. Estas conclusiones se basan en la perspectiva teórica clásica de Smith, Ricardo, Marx y Sraffa.
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Missaglia, M. (2019). Dollarization: Some theoretical preliminary thoughts. Revista Economía, 68(108), 59–73. https://doi.org/10.29166/economia.v68i108.2021
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References
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Weber, M. (1905). The Protestant Ethic and the Spirit of Capitalism. London and New York, uk and usa: Routledge.
Wicksell, K. (1898). Interest and Prices. New York, usa: Sentry Press. Retrieved from https://mises.org/system/tdf/ Interest%20and%20Prices_2.pdf?file=1&type=document
Benassy, J. P. (2010). Macroeconomic Theory. New York, usa: Oxford University Press.
Bertocco, G. (2013). On Keynes’ Criticism of the Loanable Funds Theory. Review of Political Economy, 25(2), 309-326.
Bhaduri, A. and Marglin, S. (1990). Unemployment and the real wage: The economic basis for contesting political ideologies. Cambridge Journal of Economics, (14), 375-393.
Clark, J. B. (1899). The distribution of wealth. New York, usa: Macmillan.
De Miguel, M. (2014). Valor, salario y precio de producción en Arghiri Emmanuel. Circus, (6), 139-170. Retrieved from http://circusrevista.com.ar/wp-content/uploads/Circus-139-170-De-Miguel.pdf
Dornbusch, R. (2001). Exchange Rates and the Choice of Monetary-Policy Regimes. Fewer Monies, Better Monies. American Economic Review, 91(2), 238-242.
Emmanuel, A. (1972). Unequal Exchange: A Study of the Imperialism of Trade. New York, usa: Monthly Review Press.
Friedman, M. (1968). The Role of Monetary Policy. The American Economic Review, 58(1), 1-17.
Goodwin, R. (1967). A Growth Cycle. In Feinstein. In C. H. (Ed.), Socialism, Capitalism and Economic Growth. Essays Presented to Maurice Dobb, (pp. 54-58). Cambridge, uk: Cambridge University Press.
Harvey, D. (2004). The ‘new’ imperialism: accumulation by dispossession. Socialist Register, 40, 63-87. Retrieved from http://socialistregister.com/index.php/srv/article/view/5811/2707#.WGn9s32PWa8
Hayek, F. (1931). Prices and production. New York, usa: Augustus M. Kelly.
Hein, E. (2014). Distribution and Growth after Keynes. Cheltenham, uk: Edward Elgar.
Hodgson, G. (1992). The Reconstruction of Economics: Is There Still a Place for Neoclassical Theory? Journal of Economic Issues, 26(3), 749-767.
Keynes, J. M. (1933a). A monetary theory of production. In D. Moggridge (Ed.), The Collected Writings of John Maynard Keynes, vol. xiii. London, uk: Macmillan.
Keynes, J. M. (1933b). The distinction between a co-operative economy and an entrepreneur economy. In D. Moggridge (Ed.), The Collected Writings of John Maynard Keynes, vol. xxix. London, uk: Macmillan.
Keynes, J. M. (1933b). The General Theory of Employment, Interest and Money. In D. Moggridge (Ed.), The Collected Writings of John Maynard Keynes, vol. vii. London, uk: Macmillan.
Lavoie, M. (2014). Post-Keynesian Economics: New Foundations. Cheltenham, uk: Edward Elgar.
Marx, K. (1859). A Contribution to the Critique of Political Economy. In K. Marx and F. Engels, Collected Works, vol. 29, (pp.257-421). New York, usa: International.
Marx, K. (1867). Capital, vol.1. The Process of Production of Capital. K. Marx and F. Engels, Collected Works, vol. 35. New York, usa: International.
Marx, K. (1885). Capital, vol. 2. The Process of Circulation of Capital. K. Marx and F. Engels, Collected Works, vol. 36. New York, usa: International.
Marx, K. (1894). Capital, vol.3. The Process of Capitalist Production as a Whole. K. Marx and F. Engels, Collected Works, vol. 37. New York, usa: International.
McCallum, B. T. (1989). Monetary Economics. Theory and Policy. New York, usa: McMillian.
Mishkin, F. (2011). Over the Cliff: From the Subprime to the Global Financial Crisis. Journal of Economic Perspectives, 25(1), 49-70.
Patinkin, D. and Steiger, O. (1989). In Search of the «Veil of Money» and the «Neutrality of Money»: A Note on the Origin of the Terms. The Scandinavian Journal of Economics, 91(1), 131-146.
Piketty, T. (2013). Le capital au xxi siècle. Paris, France: Editions du Seuil
Robinson, J. (1962). Review of H. G. Johnson, Money, Trade and Economic Growth. Economic Journal, (72), 690-692.
Robinson, J. (1953-1954). The Production Function and the Theory of Capital. The Review of Economic Studies, 21(2), 81-106.
Romer, D. (2006). Advanced Macroeconomics. New York, usa: McGraw-Hill.
Samuelson, P. (1966). A Summing up. The Quarterly Journal of Economics, 80(4), 568-583.
Schumpeter, J. (1939). Business Cycle. A Theoretical, Historical and Statistical Analysis of the Capitalist Process. New York, usa: McGraw Hill.
Saamoi, S. (2011). Dollarization: A Literature Review of Developing Countries. Economics of Development (ecd). Retrieved from http://hdl.handle.net/2105/10617
Sraffa, P. (1960). Produzione di merci a mezzo di merci. Premesse a una critica della teoria economica. Torino, Italia: Einaudi.
Stockhammer, E. (2005). Shareholder value orientation and the investment-profit puzzle. Journal of Post Keynesian Economics, 28(2), 193-215.
Taylor, J. B. (1993). Discretion versus policy rules in practice. Carnegie-Rochester Conference Series on Public Policy, (39), 195-214.
Tieben, B. (2009). The Concept of Equilirbium in Different Economic Traditions. A Historical Investigation. Vrije Universiteit. Retrieved from http://dspace.ubvu.vu.nl/bitstream/handle/1871/16131/8657.pdf?sequence=5
Venugopal, R. (2015). Neoliberalism as concept. Economy and Society. doi: http://dx.doi.org/10.1080/
03085147. 2015.1013356
Von Mises, L. (1932). Socialism. An Economic and Sociological Analysis. New Haven, usa: Yale University Press.
Von Thünen, J. H. (1850-1863). Der isolierte Staat in Beziehung auf Landwirthschaft und Nationalokonomie. Vol.2: Der naturgemasse Arbeitslohn und dessen Verhdltnis zum Zinsfuss und zur Landrente. Jena, Germany: Verlag von Gustav Fischer.
Walras, L. (1874). Elements of Pure Economics. London and New York, uk and usa: Routledge.
Weber, M. (1905). The Protestant Ethic and the Spirit of Capitalism. London and New York, uk and usa: Routledge.
Wicksell, K. (1898). Interest and Prices. New York, usa: Sentry Press. Retrieved from https://mises.org/system/tdf/ Interest%20and%20Prices_2.pdf?file=1&type=document